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How do I start saving towards my future and further on to when I retire?

I'm looking far ahead into the future because I know what it's like to not have enough at a later age. I'm a full-time undergraduate student, and currently devoting all my time and effort into school, so I don't have enough time to spare for a part time job. However, what are some other ways to prepare for your future through saving money, and spending less? What are your opinions on bonds and investing? I'm worried I won't have enough money to support my family when I start one, or when I retire. #savings

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Morgan’s Answer

Its never too early. Even if you are in your 20's and starting your career, if your company offers you a pension scheme then jump on it. The longer you wait the less you will have during your retirement. We are living longer, and when you retire at 65 you will have a number of years ahead of you to look forward to. Getting a jump start on that pension fund is the best thing you can do.

Most businesses will support you in financial investments and will have someone to talk to you about pensions. Talk to your parents or friends that are working, and get advice from them of firms in the area that they use for financial investments. Talk to your bank too about long term savings plans (usually they have a higher interest rate over a 5-7 year period to help you save towards your home deposit or your family).

Try to stay away from the stock market however as you could loose everything there.

Very interesting, thank you so much Morgan. I have been warned about the high risks of bonds and stocks, but if I wanted to know more about it, how can I go around doing it? Anudari A.

Get financial advice from someone local to you that has been recommended. If you are in college still, there might be a financial admin team on site that can give advice. Otherwise start having conversations with your bank manager about your plans and consider the next 5/10/20 years so layout where you want to be in that timeframe, and budget for it. Starting now will really help you. Morgan Bardon

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